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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Archive
Rulebook Modules
Conduct of Business Module (COB) [VER34/01-20]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices

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  • COB 9.6.5

    (1) An ATS Operator must be able to cancel, amend or correct any error trades.

    (2) An “Error Trade” is the execution of an order resulting from:

    (a) an erroneous order entry;
    (b) malfunctioning of the system of a member or of the ATS Operator; or
    (c) a combination of (a) and (b).

    (3) For the purposes of (1), an ATS Operator must include a comprehensive error trade policy in its Operating Rules, which sets out clearly the extent to which transactions can be cancelled by it at its sole discretion, at the request of a member or by mutual consent of members involved.

    (4) An ATS Operator must have adequate systems and controls to:

    (a) prevent or minimise error trades;
    (b) promptly identify and rectify error trades where they occur; and
    (c) identify whether error trades are related to disorderly market activity.
    [Added] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]